First quarter 2010-2011 financial results released
August 26, 2010
MEDICINE HAT. AB – Alberta Health Services today released first quarter financial results for the 2010-2011 fiscal year, reflecting Alberta Health Services’ commitment to transparency and accountability. First quarter results indicate Alberta Health Services is well positioned to achieve its annual budget.
In June, the AHS Board approved an $11.2 billion expense budget that included priority investment in two areas – improved choice and access for seniors; and reduced wait times in emergency departments.
The 2010/11 revenue budget includes committed funding from the Province of Alberta of $9 billion in base funding, $527 million in one-time deficit elimination funding and $745 million in restricted grants. There is an additional $1.5 billion from other revenue sources. The $9 billion includes a $1.3 billion increase in base funding from the Province. AHS’ fiscal year runs April 1, 2010 to March 31, 2011.
For the first quarter, total actual revenues to date are $2.727 billion and total actual expenses are $2.584 billion, resulting in an operating surplus of $143 million. “From a financial perspective, we are on track to meet our 2010-11 budget,” said Ken Hughes, Chair, AHS Board of Directors. “Most importantly, thanks to a five-year funding commitment from the Province, we are in a stable financial situation where we can invest in high priority areas such as improved choice and access for seniors, reducing wait times in emergency departments, and ensuring timely access to surgery.
“A five-year funding agreement with the Province includes increases of 6 percent in each of the first three years (beginning in 2010/11) and 4.5 percent increases in each of the following two years. This is a tremendous step forward for AHS in that it allows the organization greater funding certainty as we move forward,” said Hughes.
Summary
First quarter results compared to budget on June 30, 2010
- Total current revenues of $2.727 billion (budgeted $2.738 billion)
- Total current expenses of $2.584 billion (budgeted $2.637 billion)
- First quarter surplus of $143 million (budgeted $101 million)
Year-end forecast compared to budget
AHS is forecasting an accumulated surplus/deficit of $0 at March 31, 2011.
Alberta Health Services is the provincial health authority responsible for planning and delivering health supports and services for more than 3.7 million adults and children living in Alberta. Its mission is to provide a patient-focused, quality health system that is accessible and sustainable for all Albertans.
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